Strauss & co - 2019 Mid-year Review

South Africa’s stagnant economy has noticeably impacted collector habits at auction over the last two years. The middle market, an important segment for Strauss & Co and a boon for emerging collectors, continues to record sluggish growth. In a bid to better position and market works in this category, Strauss & Co has introduced a new boutique sales platform called Saturday Live. Saturday Live is a developmental sale aimed at expanding the collector base for art in general, while also providing sellers with a focussed platform for especially mid-range works. Hosted exclusively in Johannesburg, the first Saturday Live coincided with Strauss & Co’s debut Fine Wine Auction at its Houghton premises. Value is the key proposition of Saturday Live. Most of the lots on offer carry persuasive estimates, typically below R50 000. The launch sale included works by Esther Mahlangu, Ephraim Ngatane, Sam Nhlengethwa and Alexis Preller. The top-sellingwork was Hotel (Telephone and Man in Hotel Room, Drawing for Animation) , a mixed-media work on paper by William Kentridge, Deborah Bell and Robert Hodgins, which sold for R1 024 200. Nelson Makamo, an artist currently enjoying considerable US attention, including an appearance on The Daily Show with Trevor Noah, saw his Portrait of aWoman sell for R227 600. The new sale brought in R6 258 864. Demand was, however, soft, with only half of the 240 lots offered finding buyers. The sale nonetheless provided important insights that will enable Strauss & Co to edit and formulate future sales. Susie Goodman says: “Saturday Live is part of our strategic plan to diversify our sales programme to better serve the needs of collectors. I am confident Saturday Live will be an important addition to our sales programme.” The next Saturday Live auction will be held in Johannesburg on 19 October 2019. Refocusing energies on the middle market William Kentridge and Deborah Bell and Robert Hodgins Hotel (Telephone and Man in Hotel Room, Drawing for Animation) Sold R1 024 200 35